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Multinational insurer Prudential PLC announces $2 billion share buyback

By Mike Murphy

Prudential PLC announced a $2 billion share buyback program on Sunday, starting with a $700 million tranche.

In a statement on Sunday, the multinational life and health insurer (UK:PRU) (PUK) (HK:2378), headquartered in London and Hong Kong, said it expects the takeover of $2 billion is finalized no later than mid-2026. .

“I am pleased with the progress we continue to make in the execution of our strategy, as we strive to generate growth in both shareholder value and cash returns over the long term,” said Managing Director Anil Wadhwani in a statement. “The significant growth opportunity before us has not changed and we remain focused on realizing this opportunity.”

“Progress toward our financial goals will increase the potential for additional cash returns for shareholders,” Wadhwani said, adding that Prudential's dividend policy remains unchanged and the company expects annual dividend growth for 2024 inclusive. between 7 and 9%.

In a separate statement, Prudential reached an agreement with Goldman Sachs International to complete the $700 million buyout.

The buybacks will be carried out on the London Stock Exchange and other exchanges, and Prudential said it would continue to work to neutralize the dilutive effects of the Hong Kong Stock Exchange buyback.

Prudential PLC is not affiliated with the American company Prudential Financial Inc.

-Mike Murphy

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and the Wall Street Journal.

(END) Dow Jones Newswires

06/23/24 1749ET

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2/ https://www.morningstar.com/news/marketwatch/20240623188/multinational-insurer-prudential-plc-announces-2-billion-stock-buyback

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